As Supervalu closed on the acquisition of Unified Grocers, the supermarket retailer reported a decline in its retail division net sales in the first quarter.
Supervalu will institute a 1-for-7 reverse split of its common stock, effective as of the close of business on August 1.
Kohl’s has named Bruce Besanko as the retailer’s new chief financial officer, reporting directly to Kevin Mansell, the company’s chairman, chief executive officer and president.
Supervalu executive Bruce Besanko is resigning his position as evp/COO and CFO, effective July 5, to pursue an opportunity outside the company.
Supervalu has completed its acquisition of Unified Grocers in a transaction valued at $390 million.
Supervalu and Unified Grocers said that the United States Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with respect to their merger.
In the fourth quarter, following its plans to acquire Unified Grocers, Supervalu gained momentum in its wholesale business while its retail division slipped.
Save-A-Lot has appointed Kenneth McGrath as chief executive officer, effective April 21.
Supervalu and Unified Grocers have entered into a definitive merger agreement that calls for Supervalu to acquire Unified Grocers in a transaction valued at approximately $375 million.
Supervalu has named Anne Dament svp/retail, merchandising and marketing.